Intraday Stocks To Buy Today, June 4: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

Even though the Nifty index opened on Tuesday with a little gap-up, it was unable to maintain its initial gains. Overall, the mood was still subdued and unimpressive. With a slight negative bias, the Nifty closed the day at 24,542.50, down 0.70% or 174.10 points. With a modest decline of 0.54%, or 303.45 points, Nifty Bank finished the day at 55,599.95. The volatility index, the India VIX, plummeted 3.51% to 16.55, although it is still above the psychological comfort level of 15. The market's inherent uncertainty is still reflected in the high VIX levels, which also suggest that the upcoming sessions may see unpredictable, whipsaw-driven price movement.

Nifty Outlook Today

"Nifty remains under bearish influence, with repeated selling on intraday rallies and lower-level resistances being aggressively defended by call writers. The close below the 20-DEMA and declining momentum suggest that bulls are losing control. A sustained move above 24,850 is necessary to revive positive sentiment. Until then, the market is expected to remain sideways with a negative bias. On the downside, if 24,500 is breached decisively, the index could face accelerated selling pressure toward 24,300. Given the oversold PCR and elevated volatility, short-term profit booking cannot be ruled out. However, unless a clear breakout or breakdown materializes, range-bound trading is expected to continue with heightened volatility and limited directional conviction," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"While Nifty Bank touched a fresh all-time high intraday, it failed to hold its gains, highlighting selling pressure at higher levels. Despite this, the index remains structurally bullish, holding firmly above its 10-day EMA, and every minor dip continues to be bought into. A sustained breakout above the immediate resistance at the all-time high could unleash strong bullish momentum. Unless the crucial support at 55,000 is breached decisively, sellers are expected to face persistent hurdles. Broadly, the trend remains moderately positive but peppered with intraday volatility. As long as the index respects its key support zones, downside risk appears limited. With the upcoming RBI monetary policy event on the horizon, traders should prepare for potential spikes in volatility and rapid momentum shifts," stated Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Wednesday, June 4, after the Nifty's Relative Strength Index (RSI) circled the neutral 50 level, which suggests waning bullish strength from a momentum perspective.

PNB

Buy PNB in Cash @ Rs 109.44, Stop-loss @ Rs 105, Target @ Rs 117

PNB is currently trading at ₹109.44, having recently rebounded from a key support zone. The stock has broken out of a falling trendline on the daily timeframe, signaling a potential trend reversal. This breakout is supported by rising trading volumes, indicating strong buying interest and reinforcing the prevailing bullish sentiment.

From a technical perspective, the stock is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), underscoring the strength of the ongoing uptrend. The Relative Strength Index (RSI) stands at 74.10, highlighting strengthening bullish momentum. Although elevated, the RSI remains just below the overbought zone, suggesting there is still room for further upside.

In the near term, PNB appears well-positioned to advance toward the target of ₹117. However, the ₹108 level may act as a near-term resistance. A decisive breakout above this level would offer a strong confirmation of the bullish continuation and serve as a favorable entry signal.

Given the robust technical setup, traders may consider entering at the current market price of ₹109.44, with an upside target of ₹117. To manage risk effectively, a stop-loss is recommended at ₹105. While the overall outlook remains positive, traders should stay cautious of short-term volatility and maintain disciplined risk management practices.

Radico Khaitan

Buy RADICO in Cash @ Rs 2670.80, Stop-loss @ Rs 2577, Target @ Rs 2858

RADICO is currently trading at 2670.8, maintaining a strong upward trajectory marked by the consistent formation of higher highs and higher lows-a classic indication of sustained bullish momentum. The stock recently recorded a new all-time high at 2703.2, and a decisive breakout above this level could trigger renewed buying interest, potentially accelerating the uptrend.

Reinforcing the bullish outlook, the Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upward, with the stock price trading comfortably above each of them. This alignment highlights strong underlying strength and widespread investor confidence.

A sustained close above the key resistance level of 2703.2 could open the path toward a near-term target of 2858. Traders should closely watch price action around this resistance zone for breakout confirmation and adjust their strategies accordingly.

On the downside, immediate support is located at 2618. The Relative Strength Index (RSI) is currently at 67.27 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2577 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, RADICO presents a promising buying opportunity for those aiming for a 2858 target, provided that appropriate risk management strategies are in place.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.